US Now The World’s Leading Oil Producer
Oct. 30, 2013
by JM Editors
Thanks to the rapid development of the nation’s shale deposits and the ramp-up in petroleum production, the U.S. is now the world’s leading oil producer, surpassing both Saudi Arabia and Russia.
That announcement comes from oil and gas market consultants PIRA Energy Group who estimate that the total U.S. supply of all liquids will average 12.1 million barrels a day for 2013. Both the U.S. and the Saudis increased production this year, says PIRA, with the U.S. showing the fastest production growth. The good news for America’s energy security in the projection is that the nation’s status as the global production leader is expected to last until 2030.